# Sudden Stops & CA Reversals

| Variable | M1: Reversal | M2: Sudden Stop | M3: Z×KAOPEN | M4: Z×NFA |
|:---|---:|---:|---:|---:|
| Z_1 | -0.5539** | 0.0093 | -0.5424** | -0.6098** |
| | (0.2339) | (0.0418) | (0.2371) | (0.2432) |
| Z_2 | 0.0984*** | -0.0018 | 0.0954*** | 0.1078*** |
| | (0.0351) | (0.0063) | (0.0360) | (0.0365) |
| Z_3 | -0.0046*** | 0.0001 | -0.0044*** | -0.0050*** |
| | (0.0014) | (0.0003) | (0.0015) | (0.0015) |
| fiscal_bal_gdp | -0.0033*** | 0.0002 | -0.0033*** | -0.0031*** |
| | (0.0010) | (0.0002) | (0.0010) | (0.0010) |
| nfa_gdp_lag | 0.0224*** | -0.0002 | 0.0228*** | 0.0096 |
| | (0.0049) | (0.0009) | (0.0049) | (0.0072) |
| rgdp_growth | -0.0019** | -0.0001 | -0.0019** | -0.0019** |
| | (0.0009) | (0.0002) | (0.0009) | (0.0009) |
| kaopen | 0.0005 | 0.0007 | -0.0036 | -0.0004 |
| | (0.0040) | (0.0007) | (0.0063) | (0.0040) |
| Z_1_x_kaopen | | | 0.2129 | |
| | | | (0.1562) | |
| Z_2_x_kaopen | | | -0.0307 | |
| | | | (0.0236) | |
| Z_3_x_kaopen | | | 0.0012 | |
| | | | (0.0010) | |
| Z_1_x_nfa_pos | | | | 0.1461 |
| | | | | (0.2096) |
| Z_2_x_nfa_pos | | | | -0.0310 |
| | | | | (0.0304) |
| Z_3_x_nfa_pos | | | | 0.0014 |
| | | | | (0.0012) |
|:---|---:|---:|---:|---:|
| N | 5489 | 5489 | 5489 | 5489 |
| R² | 0.0285 | 0.0085 | 0.0290 | 0.0333 |
| Countries | 174 | 174 | 174 | 174 |

*Panel GLS with country and year fixed effects. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*